This is the final PSOBB client setup.exe (487mb) uploaded by SEGA at the Japanese Phantasy Star Online Blue Burst Official Site (http://psobb.jp).
The client is specifically version 1.25.11 uploaded a few months before the end of service at December 27th 2010
The client is totally unpatched so to use it in your own private server you will need to create a patch to remove the GameGuard files.
The game is by default in Japanese but it's possible to patch it to load all the text in English too via hidden switch flag.
You can set up your own PSOBB server with software like newserv
https://github.com/fuzziqersoftware/newserv/
For the sake of completion the original SEGA downloader is also included
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